Business

Building A Stronger Economy in the Caribbean

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CARICOM logoThis week over at Global Wire Associates, we took the position that an embargo-free Cuba would yield to better access to basic infrastructure and ICT needs and an improved economy.  This leads into a larger conversation about improving the economies throughout the Caribbean.

President Obama’s recent trip to Jamaica put a spotlight on the many pressing issues affecting the region.  The president met with the economic development group Caribbean Community, or CARICOM, on supporting better governance and security through creating more opportunities with sustainable energy.  Energy is a huge issue in the region and it seems to be an issue that both Washington and the CARICOM Secretariat can agree on.

Established in 1973 with the signing of the Treaty of Chaguaramas, CARICOM is a group the represents 15 mostly English-speaking countries and serves to provide economic integration and set foreign policy objections for the region.  As prime minister of Jamaica at the time, Michael Manley was a strong advocate for CARICOM, and felt that all these post-colonial small islands had more power if they came together in one group to advocate for their own needs and break away from their former colonizers.

“It is critical that the Third World should create its own institutions for savings and development,” Manley said in his controversial book The Politics of Change.  “In addition we must develop policies of investment in projects that reflect Third World priorities.  It is also important that Third World countries begin to exchange information about technology since… their own technological discoveries are often more likely to be relevant to each other’s problems than the discoveries of more advanced nations.  Thus beginning with Caribbean regionalism, a Jamaican foreign policy must be Third World in its economic orientation.”

In the 1970s Manley was an outspoken democratic socialist who was friends with Fidel Castro, much to the chagrin to Washington.  During the height of the cold war, Manley had no problem with having an “open foreign policy” that looked beyond political ideology and was willing to trade with communist countries if it served the need.  “All countries that are involved in trade do so from the posture of their own political systems and it is a betrayal of national self-interest to fail to seek out in the world at large those points of advantage to one’s own economy,” he writes.  However, Manley also said refusing trade on the basis of diplomatic pressure was appropriate at the time with South Africa, Rhodesia (Zimbabwe) and Portugal to protest racism and colonialism.

So CARICOM was born out of a need to organized around the region’s interests and set forth this optimistic view of the future.  Fast forward to 1989 when Manley rewrote his book’s epilogue with a softer, more capitalism-friendly tone of wanting to work more with private enterprise.  Two decades into CARICOM’s existence and many felt it was living up to expectations.  It was also around this time that some Caribbean countries started to be more vocal about creating a single economic market to make it easier to trade and work in other member countries.

In 2001 the Treaty of Chaguaramas was updated with these new objectives and thus created the CARICOM Single Market and Economy which became effective 2006.

However, this week a couple of prominent players in the region’s economy have sharply criticized CARICOM and it relevance.  William Mahfood, president of the Private Sector Organisation Jamaica, said that CARICOM has failed to accomplish anything.

“The heads of Government go off to wherever it is, and over the last 20 years that I’ve looked at it; hardly anything has been accomplished out of Caricom. We have a single form for immigration now. But what else has happened?” he said.

Former Jamaican prime minister Bruce Golding said that while it is still important to have a strategic alliance in the region, CARICOM has not lived up to expectations.  “… CARICOM member countries should face the reality that the lofty, far-reaching goals set out in the revised Chaguaramas cannot be achieved because the political framework that it requires can never be achieved,” writes Golding in an editorial.

I gather from this that CARICOM is really comprised of 15 countries that have very diverse economies and needs today.  What does economic integration really mean in 2015 with rapid globalization?  There are now countries wondering out loud if they should stay in CARICOM.

The town-hall President Obama hosted while in Jamaica was really telling of this divide, especially during the Q&A.  But it also shows that future leaders of these countries are thinking about these problems and potential solutions, especially in regards to Cuba joining CARICOM. (The Q&A starts at 13:50)

Branding For The New On-Demand Economy

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Entrepreneurship

While the global economy is slowly coming back from the recession, the growing number of freelancers will continue to play a big role in the new “workplace”, often referred to as the on-demand economy.  More and more firms are realizing that it is more cost and resource efficient to hire people on a project basis rather than have a salaried staff.

There are approximately 53 million freelancers in the United States, and most of them are creative professionals – writers, photographers, graphic designers and web developers.  But freelancing is now extending into any service-based industry where the work can be done with just an Internet connection.  If you have worked with an accountant, travel agent or IT support specialist recently, it is more than likely that professional was working from home, a co-working space or the local coffee shop!

With more people considering themselves independent contractors, it is necessary for these workers to master and update themselves on a variety of skills that will help them survive in this competitive market.

One vital skill for freelancers to have today is the ability to sell themselves and build their own brand.  Here are some things you need to do to support marketing You Inc:

Websites – I have been self-employed most of my professional career.  Back when I graduated college, having a website was a very expensive luxury.  Today it is expected that all self-employed people have a website because it acts as both a business card and showroom for your work.  About half of all small businesses today don’t have websites, and when you don’t have a website, your business might as well not exist.  Most customers today have a digital-first mentality and you have to cater to their needs online.

Social Media – Social media tools like Twitter, Facebook, blogging and Instagram are great marketing supplementals that can work in conjunction with your website.  Because there are so many types of social media tools, you can find one that is appropriate for your industry and brand.  If you are not into doing social media at all, at the very least you should have a Linkedin page to show your CV, credentials and other work-related information online.

Video conferencing and Webinars – Anyone with Internet access can host a private video conference with clients with Google Hangout or Skype.  Another great thing about this tool is that you can host your own webinars on subjects related to your industry.  Over at Global Wire Associates, we host over 20 webinars a year on topics related to technology, marketing and international development.  We also privately connect with our clients all over the world with video conferencing.  On this website, I occasionally host webinars and video meeting with clients interested in journalism, management and technology topics.

Office Productivity – There are so many tools online that help you run your business, from PayPal to Google Drive to Quickbooks.  Using cloud-based products are really good for working with long distance clients or sub-contractors.  I have been working a documentary for the last year on disability rights in the developing world with a group of other journalists and health care workers in Kenya and Cambodia.  Google Drive, Dropbox, email, instant messaging and video conferencing have worked wonders in helping us to collaborate on copy, stills and video in a timely manner.

Online Networking – Websites like Meetup.com have made it easier to connect with other like-minded professionals, especially if you don’t live in a big city.  It is always good to network and find a community of people who could potentially become co-workers, sub-contractors or clients.  I have found both new clients and contractors for GWA this way.

Online Education – Learning never stops, especially when it comes to technology.  There are so many resources online, from Lynda.com to YouTube, where you can learn how to do anything.  I am currently doing a mix of traditional and online classes to get my project management certification renewed, and these tools have been lifesavers.  Take advantage of this!

How To Better Manage Your Time

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wall clockWe all have busy lives.  I know I certainly do.  Between all the different media and GWA projects I’m dealing with, maneuvering family obligations, going back to school and trying to have something that resembles a social life, time management can be quite daunting sometimes.  My day usually starts at 4:30am with some type of exercise (jogging, yoga or cycling) and whines down around 10pm.

I was never really a very organized person until I started running a business, and quickly realized that I had to learn how to manage my time and resources better.  Over the last fifteen years, I have tried different techniques that have worked well for me, and I would like to share with you.

  1. Do a time audit: I like doing a time audit at least once a month.  Write down all the activities you do on a regular basis at work, home, school etc in a chart.  Are there things you could do in less time or do you need to dedicate more time to that activity?  Are there certain activities that can be done in the evening or weekends?  Can you delegate it to someone else?  Putting your activities on paper and strategizing them will give you a better perspective of how your use your time.
  2. Create a daily to-do list: Everyday I write down a list of activities that I need to get done that day, with the most important items at the top of the list.  Again, I am better at getting things done when it is written down on paper.  It is almost like creating a contract for myself, because if I don’t do things on the list, I feel guilty at the end of the day.
  3. Do the most important activities first thing in the morning: If you have daily routines that are important for you to do, do it first thing in the morning.  This is why I do my exercises really early.  Also, while Global Wire Associates officially starts business operations at 8am ET, I like to get started on important, time-sensitive client work and administrative duties before I get deluged in phone calls and emails from clients and staff.
  4. Schedule appointments with yourself for high-priority actions: If I can’t do something in the morning, I block off time in my calendar for that activities.  Most of the time this is done for family obligations.
  5. Set reminders in the calendar: I set reminders in my calendar for when certain activities are due, like paying bills and doing client follow-up.
  6. It’s better to be early than late: I hate having to work on a close deadline; I get really stressed out and end up not doing my best work.  Instead, I strive to get projects done ahead of schedule.  No client has ever complained about a project getting done early.
  7. Don’t answer the phone at certain times: I tell my clients to only call between 8am and 7pm.  After 7pm, I turn my business phone off for the day.  Unless there is a highly unlikely emergency, it can wait until the next day.  If you allow yourself to be a slave to your phone, you will never get anything done.
  8. Block out time for emails, text, and social media: It is pretty standard today that we constantly look at our mobiles or tablets for incoming communications nonstop.  I find that I never get anything done when I am on Twitter, Facebook, the blogs and reading non-business related email and texts all day long.  I block out time to do this in the evening instead.
  9. Batch similar tasks together: If I have to update one website for a client, why not update all the client websites with that same procedure at the same time. Again, it better to do it now when you are thinking about than doing it later.
  10. Delegate your work: Are there home or work activities that you can delegate to an employee, spouse, friend or your kids? I know I do this often.  You should do this too.  With that said…
  11. It’s okay to say “no”: Sometimes you want to impress clients, or be a great friend or significant other, or do good by the people you care about in your life.  But the reality here is that there is only so much time in a day, and if you don’t have the time to do something, sometimes it is best to be honest with yourself and tell others “no.”
  12. Schedule time for breaks and interruptions: Sure, you should take a tea time and lunch because we are human and we need a break sometimes.  Also, because we are human, life happens and things can go left or right unexpectedly.  Sometimes you have to stop what you are doing to deal with a sick family member or fix a client’s problem.  We always have to be ready for life interrupted.

Sometimes even with the best of intentions, we still can’t get everything done when we need it done.  However, having a plan for dealing with time management can make life a little easier.

10 Tips and Resources for Small Business Owners

Small Business WeekIt’s National Small Business Week; a great time to recognize the contributions entrepreneurs make to the American economy.  In addition to running my own business, I also spend my time helping other small business owners in my area by volunteering on my local economic development committee.  I like sharing tips and resources that have helped me along the way that could be useful to others.  Some of them I wish I had known about when I first started out years ago.  So here we go:

  1. Create and Update Your Business Plan: Yes, every business should have one.  Taking the time to write up a business plan will guide you on financial and marketing matters and strategic planning. It will also force you to think about the direction you want to take your business.  Have your trusted friends and family members look it over for you.  You will need one if you plan to ask for loans from banks or investors.  You should look over the plan at least once a year to make sure you are meeting expectations and update it with new strategies.
  2. Competition and Market Research: You always need to be checking in with what your competition is doing and how your customers are responding because that will affect your business.  Before putting together a business plan, do a competitive analysis and a market research study to set up more realistic goals.
  3. Find Mentors: It’s essential to find one or two people who you can lean on for business advice and guidance.  Mentors can be other business owners who also work in your industry, but this doesn’t always have to be the case.  Are their small business owners in your own neighborhood who seem successful and you would like to learn from?  I talk to the guy who owns the local dry cleaner about how to do better bookkeeping sometimes.  Sometimes free business advice is literally around the corner!
  4. Networking:  Sometimes, as entrepreneurs, we get so busy and entangled with our work that we feel like we are working in a vacuum.  It’s a great idea to go to networking receptions and conferences or join online meetups to find other like-minded entrepreneurs to share ideas and find potential business partners and clients.
  5. Always Have Business Cards: This should be obvious. But it always surprises me when I go to networking receptions, where the whole idea of the event is to make new potential business connections, and many attendees don’t have a business card to share.  You are always representing your business everywhere you go, and should always be ready to sell yourself no matter where you are by having business cards and a few fliers.  You should also have a short elevator speech ready to go if you have the opportunity to advertise yourself.  I got a new client once while standing in line at a hardware store! You never know where the next business opportunity will come from, so you might as well be ready when it happens.
  6. Cold Calling/Emailing: If you want to attract new customers, sometimes you have to go directly to them.  Yes, it is terrifying to cold call or email someone you don’t know and make a case for why they should give you their business.  Cold communications help you to build confidence in yourself and your business.  On average, when I cold communicate, I usually get one or two new clients out 20 calls a week.
  7. Utilize Your Local Business Development Resources: There are a lot of resources available for small business owners.  You should first check out your local SCORE office, the board of trade or Main Streets branch to find business advice and mentors.  You can also get free or inexpensive technical assistance at these places, like setting up a marketing plan or obtaining legal advice.  Speaking of which…
  8. Get Legal Assistance: I really want to stress the importance of seeking out a lawyer when setting up your business.  Lawyers can help you with your business legal structure (sole proprietorship, LLC, S Corp, etc.), get permits, create contracts, and set up quarterly tax payments.  Not many people like dealing with lawyers, but it is better to be safe than sorry later on when legal troubles do come up.
  9. Get Insurance: Yes, you need to ensure every aspect of your business.  When life happens, don’t allow your business to suffer because you didn’t have insurance to protect against a disaster. All of my computers are insured because if anything goes wrong, it won’t dramatically harm my business.
  10. Be Patient and Compassionate: Sometimes, as small business owners, we get so overwhelmed with our work that we forget why we became small business owners in the first place.  When you get to this place, take a step back for a moment.  With everything in life, sometimes things don’t always go the way you would like them to, so it is essential to not only be patient and compassionate with others but also with yourself.  Be resourceful and think of alternative solutions to a problem with tact and professionalism.
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